Group 1 - The core viewpoint of the article highlights a significant surge in the storage chip sector, driven by strong performance in both the US and Korean markets, which has positively impacted A-share storage chip stocks [1] - Morgan Stanley predicts that the memory market will tighten by 2026, with manufacturing constraints and stronger demand leading to sustained price increases. The firm has raised its average price forecasts for DRAM by 62% and NAND by 75% for 2026 [1] - Macronix, a Taiwanese storage manufacturer, announced a 100% price increase for NAND products and a 50% increase for NOR products in the first quarter of 2026 [1] Group 2 - Notable stock performances include Jiangbolong, which rose over 14%, and Shanghai Xinyang and Xiechuang Data, both increasing by over 12%. Other companies like Raytheon Defense and Zhaoyi Innovation reached the daily limit of 10% increase [2] - The total market capitalization of Jiangbolong is 117.4 billion, while Shanghai Xinyang stands at 22.4 billion, and Xiechuang Data at 65.4 billion [2] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting a favorable market outlook [2]

12月31日，成都华微盘中上涨2.01%，截至13:34，报46.25元/股，成交3.01亿元，换手率3.04%，总市值 294.54亿元。 资金流向方面，主力资金净流入3477.86万元，特大单买入1799.21万元，占比5.97%，卖出1013.77万 元，占比3.36%；大单买入9413.04万元，占比31.24%，卖出6720.63万元，占比22.31%。 成都华微今年以来股价涨49.87%，近5个交易日涨7.46%，近20日涨21.07%，近60日跌3.65%。 今年以来成都华微已经3次登上龙虎榜，最近一次登上龙虎榜为9月3日。 截至9月30日，成都华微股东户数2.17万，较上期增加65.15%；人均流通股10061股，较上期减少 39.45%。2025年1月-9月，成都华微实现营业收入5.18亿元，同比增长22.45%；归母净利润6260.51万 元，同比减少28.82%。 分红方面，成都华微A股上市后累计派现8406.38万元。 机构持仓方面，截止2025年9月30日，成都华微十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第七大流通股东，持股432.81万股，相比上期减少19.9 ...

证券日报网讯12月30日，成都华微在互动平台回答投资者提问时表示，公司股价受资本市场影响正常波 动，敬请投资者理性投资，注意投资风险。 ...

证券日报网讯12月30日，成都华微在互动平台回答投资者提问时表示，公司股价受资本市场影响正常波 动，敬请投资者理性投资，注意投资风险。为保证所有投资者公平地获取公司的信息，公司在定期报告 中会披露对应时点的股东信息。 ...

证券日报网讯12月29日，成都华微在互动平台回答投资者提问时表示，2025年8月，公司已与燧原科技 签署战略合作协议，双方围绕大模型、高算力GPU芯片在高可靠领域展开深度合作，共同推动人工智能 技术在高可靠领域的应用与创新。此次合作旨在整合双方优势资源，在技术研发、产品应用及市场拓展 等方面形成协同效应，加速国产AI算力技术的发展与落地。基于公司市场开拓需求，该算力能力可以 广泛应用于模型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，在达 到披露标准后及时公告。 ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for the fifth set of listing standards on the Sci-Tech Innovation Board, which supports high-quality commercial rocket enterprises that have not yet formed a certain revenue scale to go public [2][7] - The commercial rocket industry is expected to experience rapid growth due to continuous policy support, accelerated technological iteration, and the release of rocket production capacity, leading to a significant increase in the number of rockets and launch frequency in China [3][7] Summary by Relevant Sections Industry Overview - The guidelines emphasize that companies must have key core technologies and significant technological advantages or breakthroughs, focusing on the self-research capabilities of core components and key indicators such as payload capacity and multi-satellite launch capabilities [7] - The guidelines also require that commercial rocket companies achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit [7] Market Dynamics - The commercial rocket sector is currently a bottleneck in the commercial aerospace industry, and with the release of production capacity, improvement in launch capabilities, and breakthroughs in reusable technology, the progress of satellite networking is expected to experience a leap forward [7] - The report identifies that the future of China's rocket sector will see a threefold resonance of capacity release, enhanced launch capabilities, and breakthroughs in reusable technology, which will accelerate the resolution of launch bottlenecks [7] Investment Targets - Recommended investment targets in the satellite sector include Aerospace Electronics (600879, Buy), Zhenlei Technology (688270, Not Rated), and others [7] - Recommended investment targets in the rocket sector include Aerospace Power (600343, Not Rated), Zhonghang Heavy Industry (600765, Buy), and others [7]

证券研究报告 | 公司点评报告 2025 年 12 月 29 日 成都华微（688709.SH） TSN 技术积累深厚，或享受商业航天市场爆发 中游制造/军工 2025 年 12 月，成都华微协办第十四次"枫林论坛"，以"时间敏感网络（TSN） 系统设计"为主题，汇聚了来自科研院所、高校、企业及行业媒体等专家学者， 围绕 TSN 展开了深度交流与探讨。公司现场展示了最新的 TSN 系统级板卡及 FPGA 系列核心产品。 强烈推荐（维持） 目标估值：NA 当前股价：47.18 元 基础数据 | 总股本（百万股） | 637 | | --- | --- | | 已上市流通股（百万股） | 218 | | 总市值（十亿元） | 30.0 | | 流通市值（十亿元） | 10.3 | | 每股净资产（MRQ） | 4.5 | | ROE（TTM） | 3.4 | | 资产负债率 | 23.7% | | 主要股东 中国振华电子集团有限公司 | | | 主要股东持股比例 | 44.84% | 股价表现 相关报告 1、《成都华微（688709）—营收稳增 彰显需求复苏，布局深化拓新应用》 2025-09-14 2、《成都华 ...

Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

Core Viewpoint - Chengdu Huamei, as a state-owned enterprise, is actively involved in the electronic countermeasure field, providing various ADC products for satellite jamming and anti-jamming applications [1] Product Applications - The company has multiple ADCs suitable for electronic countermeasures and satellite jamming applications [1] - A 12-bit 2.6G high-speed high-precision ADC has been scaled for use in electronic countermeasure-related fields [1] - An 8-bit 64G ultra-high-speed ADC has been validated in several new anti-drone platforms [1] - A 12-bit 16G high-speed high-precision ADC is primarily aimed at next-generation electronic countermeasure platforms and has been promoted for trial use among several key clients in the electronic countermeasure sector [1] Market Strategy - The company will closely monitor cutting-edge technology trends and follow market and customer demands [1] - There are plans to expand potential application scenarios for products and develop forward-looking layouts and strategies [1]

Group 1 - The core viewpoint of the news is the collective surge of A-share stocks related to the Western Development concept, driven by a new policy from the central bank and other departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial services for the development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xiling Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% increase, contributing to the overall positive market sentiment [2]